Your best employee just won the state lottery. She can either take a one-time lump sum payout of $4,000,000 now or choose an annuity option that pays $275,000 at the beginning of each year for 20 years. Since she plans to stay working for your company for 20 more years and then retire, your employee is considering how much money each option would result in if put into an account earning 3% annual interest and left untouched until retirement.

Calculate the future value of each of the two payout options.